U.S. milk prices near record, world prices sink
U.S. milk prices are near record levels for the second time this year, while dairy prices on world markets continue to sink, the National Milk Producers Federation and Dairy Management Inc. said in its dairy market report last week.
Records were set in September for the monthly butter price, the Federal Order Class II and Class III prices, and the monthly milk price-feed cost margin under the new farm bill formula.
CME futures indicate the October all-milk price could edge past April’s record. However, declining exports and slowing growth in domestic use are putting downward pressure on prices, the report said. "World prices are under severe pressure from growing milk...
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